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Feds Home Refinancing Program Becomes More InclusiveThe Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, said it has authorized the government-sponsored lenders to expand their Home Affordable Refinance Program, making up to 1 million additional loans across the nation potentially eligible for refinancing. |
Existing Home Sales Up 2.4 Percent in MayThe National Association of Realtors released its May reading on existing home sales Tuesday showing a 2.4% rise to 4.77 million, coming in just short of consensus estimates for 4.82 million. Meanwhile, prices fell 0.1% in April, vs. consensus estimates of a 0.4% decline and a 1.4% drop during the March period. |
Will the Housing Market Recover? Harvard Report Says Yes, But SlowlyA recovery in the housing market is being forestalled in the short-term by ongoing trends such as job losses and tighter mortgage credit, but in the long-term will be enabled by the up-and-coming generation of young adults, according to a new Harvard study. |
California's Mortgage Crisis Creeps Beyond Subprime TerritoryNew numbers released this week by the California Department of Corporations show the mortgage crisis is moving higher up the food chain. What began as a subprime loan problem is now a prime-time crisis as unemployment reaches 11 percent statewide, 10.8 percent in the capital. |
Foreclosure Moratorium Law Hits California TodayAfter a severe economic storm of more than 365,000 California foreclosures since early 2007, the California's long-awaited 90-day foreclosure moratorium law went into effect today. But it doesn't mean foreclosures will stop. |
More Housing Pain Possible: Three New Default Waves Seen BreakingThe first two waves of mortgage losses are mostly behind us but three more waves are coming, two of them in the housing market and one in commercial real estate, an executive for a New York investment firm said Friday. |
Short Sales: An Alternative to ForeclosureBasically, a short sale is getting the mortgage holder to agree to accept less money than is owed through the sale of the home to an outside buyer. This differs from a foreclosure in that the home owner is the one selling the home instead of a bank taking possession from the owner and selling it themselves. |
Pending Home Sales Rose in AprilPending U.S. home sales rose for the third consecutive month in April, the National Association of Realtors in Washington said Tuesday. |
U.S. Home Sales Rose in AprilExisting home sales increased by a seasonally adjusted 2.9 percent in April, the National Association of Realtors said Wednesday. |
U.S. Job Losses Drive 'Third Wave' of ForeclosuresAs job losses rise in the United States, growing numbers of American homeowners with once-solid credit are falling behind on their mortgages, amplifying a wave of foreclosures. |
Case-Shiller Index Shows Continued Home Price Free FallThe price of U.S. homes continued to drop by record-setting amounts in March, but some hard-hit cities showed signs of stabilization, according to a monthly housing report released Tuesday. Still, the overall tone of the report, published by Standard & Poor's Case-Shiller Home Price Index -- a closely watched measure of 20 major cities -- was negative. |
Mortgage Interest Rates Drop SlightlyInterest rates for 30-year, fixed-rate U.S. mortgages fell slightly in the week ending May 21, the Federal Home Loan Mortgage Corp. said Thursday. |
Mortgage Activity Increased in WeekThe volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 2.3 percent, an industry group said. |
New Mortgage Help Incentives OutlinedU.S. Cabinet officials revealed changes to a foreclosure prevention plan, such as incentives for lenders helping borrowers even if they lose their homes. The $75 billion Making Home Affordable program focuses on paying lenders to work with at-risk borrowers to modify their loans to more affordable levels. Changes announced Thursday would allow lenders to be eligible for payment even if borrowers lose their homes through either short sales or deeds in lieu of foreclosure in instances when borrowers don't qualify for loan modification. |
Housing Market Has a Long Path to RecoveryThe number of U.S. households facing foreclosure rose 32 percent in April compared with the same month last year. The number involves more than 342,000 households, RealtyTrac said on Wednesday. That means one in every 371 households with a mortgage received a foreclosure filing last month, marking it the highest monthly rate since 2005. The latest figures suggest that the U.S. housing market remains deeply mired. Some analysts are convinced that the U.S. housing recovery may be delayed if foreclosures continue to go unchecked. |